Gold And Silver Outlook For June 12
Submitted by Trading NRG as part of our contributors program.
Gold and silver prices changed direction and slipped yesterday. In the forex market the big movement came from Asia as the Japanese yen sharply strengthened following Bank of Japan’s recent monetary policy meeting. The Bank decided to keep its policy unchanged, which wasn’t what many traders had anticipated. In U.S equities, leading indexes declined along with other leading commodities prices. This downward trend across the markets may have contributed to the fall of precious metals prices yesterday. On today’s agenda: Great Britain Claimant Count Change, EU Industrial Production, U.S 10 Year Bond, and U.S. Federal Budget Balance.
On Tuesday, gold changed direction and decreased by 0.66% to $1,377.1; Silver also fell by 1.27% to $21.65. During the month, gold declined by 1.11%; silver, by 2.62%.
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The ratio between the two precious metals slightly rose on Tuesday to 63.62. During June, the ratio increased by 1.55% as gold slightly out-performed silver.
The rise in movement of both bullion rates is represented in the increase in precious metals prices’ volatility during the month: the standard deviations of gold and silver (daily percent changes) reached 1.30% and 2.14%, respectively.
On Today’s Agenda
Great Britain Claimant Count Change: This update will show the changes in the number of unemployed in GB; as of last month’s report this figure had slipped by 7.3k; the rate of unemployment inched down to 7.8%;
EU Industrial Production: this report will present the monthly changes in the industrial production as of May; as of April, the production rose by 1.0%; this report may affect the euro/usd;
U.S. Federal Budget Balance: this upcoming report will refer to May 2013; this report indicates the government debt growth and thus may affect the U.S dollar. In the previous report regarding April the deficit fell by $112 billion; if the deficit will continue to contract, it could indicate the economic progress of the U.S economy is slowing down;
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